Risk taking has become almost a synonym for entrepreneurship as it’s impossible to earn a substantial reward in this world without an equally substantial risk taken in its pursuit.
Entrepreneurs sometimes face losing everything they have invested into their business. They basically leave the security as wage earners behind as well as the extra time to spend with their families, all in order to start their ventures as businessmen.
Risks are truly intimidating. But that should not stop you from starting your own. There are ways on how to lessen those risks and make your venture a successful one. And here are 20 noteworthy tips for every newbie entrepreneur:
1. Write a Business Plan
Although having a great business plan doesn’t assure a productive business, planning and making written goals can help you evaluate the feasibility of your business. It’s like a light in the dark and a map in an unfamiliar path for you.
In making a business plan, you have to be as realistic as possible. Consider all the initial expenses you may need and have convincing target projections so you can have an idea how much sales you will need to at least break even and eventually profit.
2. Choose a Good Startup Name
Your business name represents you and your business.
Your customer will lay their first impression on your business name. So, when choosing your business, take your time to think about a catchy, simple, and memorable name.
Avoid cringe-worthy names and think about something that you can be proud of, and your customers will not feel uncomfortable telling to other people.
3. Do What You Want
You have resigned to your office work and started your own business for the reason of being able to do what you want. So make sure you really do what you want.
Think of a business that connects with your passion or hobby. With that, you can have fun in life and fun is infectious. It can help you draw interest with the right customers, with the right team, and the right opportunities.
4. Know Your Customers
To utilize your marketing strategy better, being familiar with your customers is important. It will let you know if your products and business drive on the right track.
You can actually include this on your business plan. Conduct a survey or talk to people within your target market and have an idea what their reactions would be regarding your product.
You may even get unique ideas and feedback on how you can have a competitive edge against existing products.
5. Be Inspired and Learn from Someone’s Mistake
An old adage says: Experience is the best teacher.
Although this is very true, you don’t have to experience mistakes to learn from them. You can gather knowledge through other’s mistakes.
There are a lot of successful people who have big failures they have endured. Believe it or not, they are gold lessons you can take away from.
6. Work with People You Like
Working with people you like and having a great working environment can help you thrive and enjoy your work at the same time. When you are around people who you can trust, it will be easier for you to communicate and it will help you grow as an entrepreneur.
7. Know Your Competition
Understanding your competition can help you have an advantage over your competitors.
Ask the following questions: What is their price range? What are their products? How can you make your products or services better than your competitors? Knowing the answer will help you make innovations that will put you on top.
8. Be Transparent
You will surely go through an event that you and your business will mess up. Do not try to cover up because this may shine a negative light on your brand and business.
But how are you going to deal with this? The right thing to do is to man up and be accountable. Be transparent and tell them you commit a mistake and give a promise of how you are going to fix the mistake.
9. Don’t be Afraid to Fail
Failure can be a stepping stone to success.
Do not stop when one of your ideas fail, try to think about another way to improve. There are a lot of things to learn about failures. Remember your vision when you start your business so you will have the inspiration to rise again and learn from your mistakes.
10. Look for a Mentor
There are a lot of mentors out there that you can ask assistance from.
There are government agencies that provide free assistance to start-up businesses.
Another option is to find someone who has a lot of experience in the industry, attend different seminars, and ask some of your friends and relatives who you think can help you to start your business.
11. Learn Everyday
Managing your own business means identifying the problems and solving it. And sometimes, your experience and existing knowledge are not enough.
You can learn something from reading blogs, articles, experiences and others. This additional knowledge can help you improve yourself and make proper changes in your business.
12. Have an Idea Journal
Writing daily can be very important because some days are more difficult than others. Your written journal during your happy days can remind you that not all days are hard. There are days that your business thrives great and it will give you the right motivation you need at times.
13. Eat Healthy
Starting a business is stressful. So taking care of your health is important because, without you, your business will not work. Eating healthy means supplying your body with the needed nutrients so you will be able to do your everyday tasks.
14. Commit to a Regular Workout Schedule
Like the number above, your health is your wealth. Staying fit will help you stay active in your job. Even if you are the most successful businessman in the world, it will mean nothing if you are not healthy.
15. Use LinkedIn
Have social media accounts, specifically LinkedIn as it specializes in professional and business profiles. With LinkedIn, you can reach potentially anyone and you can even show off your accomplishments.
16. Build a Network
Whatever you do, try building up your network. When you have a big network, you will have a lot of potential customers. Additionally, having a lot of connections will allow you to get more help for times that you need assistance.
17. Try Cold Emailing
A Cold email is reaching out to potential customers that you never heard nor met before. Be mindful that these contacts never asked to be emailed so be prepared to receive tough words in reply.
If someone shows interest, it can be a useful lead. Remember to stay polite and make your email personalized. This can help you reach customers you probably never get in touch with through this method.
18. Apply for A Start-up Loan
If you are planning to start a business, initial capital may be a problem as business require a lot of money to be established. Applying a start-up loan can help you kick start your funds and start your business. You can canvass different financial institutions and look for an easy payment plan or for a low-interest loan.
19. Design a Business Logo
A logo is anticipated as the face of the brand and the business. It will represent your company’s unique brand and identity. At a glance, your logo should contain essential information and must leave a good first impression about your products and services.
20. Promote Yourself
Hiring an expensive advertising agency is a good option, but as a new player in the market without enough funds, you can advertise yourself in the meantime. Social media is a powerful way to do that.
Additionally, these platforms are free so you should maximize tools like Facebook and Twitter to promote your business.